Strides Arcolab & ACCU-BREAK Pharmaceuticals, Inc terminate Joint Venture Agreement

Strides Arcolab Ltd has announced that the Company and ACCU-BREAK Pharmaceuticals, Inc. ("ABP") on May 02, 2007 announced the termination of the June 05, 2006 Joint Venture Agreement. The Joint Venture initially intended to develop generic products for sale in the United States using the patent pending ACCU-BREAK® tablet technologies. However, ABP's business model subsequently evolved and now includes potential brand sales of bioequivalent products and out-licensing of certain products. The Company and ABP have determined that the Joint Venture Agreement no longer meets the needs of the parties and have elected to terminate the Joint Venture with each party to bear its own expenses.

The stock closed on Monday at Rs.326.85, up by Rs.8.90 or 2.80%. The stock hit an intraday high of Rs.331 and low of Rs.315. The total traded quantity was 5889 compared to 2 week average of 12507.

Source : Equity Bulls

Keywords